LIGNET: China's Bank Sanctions on North Korea Will Have No Effect

Several of China’s largest banks announced they will cease all dealings with the North Korea Foreign Trade Bank, but the move is not likely to significantly hamper Pyongyang’s access to hard currency. Given that North Korea still has access to the international banking system via smaller banks in China, as well as through North Korean state trading companies in China, the move by China’s big banks is largely symbolic and will have a limited impact on North Korea’s ability to fund its weapons programs.

Several of China s largest banks announced they will cease all dealings with the North Korea Foreign Trade Bank, but the move is not likely to significantly hamper Pyongyang s access to hard currency. Given that North Korea still has access to the international banking...